It is (still) possible to legally protect your assets
We have been advocating since many years the advantages of setting up a foundation in Bulgaria and how it can be utilized for asset protection purposes. Now, in July 2022, the use of private foundation in Bulgaria is probably the last resort for those who need some safe haven for their assets.
We are living in a world of sanctions. We are living in a world of constant risk that our bank accounts may be frozen. And we are living in times when “confiscation” has already become the norm. Times are such that our money is not really ours anymore!
Living in a world of confiscations
A simple bank transfer, even for low amount, triggers an alarm with the bank and we have to prove what is the money being paid for. As if the money belongs to the bank or to the state and not to us. And we often even need to show an invoice or a contract to make the transfer possible. Although according to most legislations, no written formal contract is required to struck a deal. But who cares now… To the baby boomers of the 2000’s, all this may seem normal, but for us, the old-timers, this is a world we are not used to be living in.
No matter how hard we have worked and how much we have saved, in the current times, the only thing we really “own” are these little grey cells, as Hercule Poirot used to call them. But we also have the chance to harness them in order to recuperate, at least some of, the freedoms we once used to have.
Legal equality in today’s realms
Law has always been equal for people of all races and nationalities, right? Because legal equality is guaranteed by the Constitution, some would argue. When Marthin Luther King was assassinated, it was all different. But did something really change today?
All animals are equal, but some animals are more equal than others.George Orwell
Bridge dismantling for some, confiscation for others
Earlier this year, the Dutch residents or Rotterdam vowed to egg Jeff Bezos’ yacht if a bridge was dismantled to let his yacht pass. Deep respect to the people of the Netherlands for their position. In stark contrast, at the same time, the Dutch government after being stopped by the people to dismantle “De Hef” for Mr Bezos’s yacht to pass through, seized 14 luxury yachts, because they were Russian-owned. Ironically, we can bet that most of these Russian (ex) owners have admired and supported the western democratic values so far.
The wheel of history keeps on spinning
Legal equality has many faces nowadays. And indeed, some appear to be just a little bit more equal than others, as Mr Orwell has written so long ago. But the truth is that the wheel of history keeps on spinning and makes the future – a gamble. One day we may get the #ReturnMyYacht movement, as we got #BLM (Black Lives Matter). This idea for the future may sound ridiculous now, but #BLM would have sounded even more ridiculous in the cotton plantations before the US civil war. All this is for the future to show.
Some forgotten opportunities still exist (and even shine in the realms of the new world order)
As we have already stated above, the registration of Bulgarian private foundation is the perfect vehicle for asset protection purposes. Surprisingly, the Bulgarian law for the non-profit legal entities is (still) extremely flexible. The founder of the foundation can specify the “goals” and the “beneficiaries” of the entity and can basically amend them overtime.
Due to the flexibility of the law, the foundation has to be perfectly formed, leaving broad range of options for future amendments. It is very important who the founder, the director and the beneficiary of the foundation will be. The purposes of the foundation are also of importance, although they are usually set to assist the beneficiary in one way or another. This is especially important in the current political and social times, when people of certain ethnicities may be treated somewhat differently.
How we can assist you and why is trust important
Setting up a private foundation requires deep knowledge not only of the current laws, but also of the political sentiment and the EU “desires”.
If you want to keep a secret, you must also hide it from yourself.George Orwell
In order to set up the ideal asset protection unit, the following conditions need to be met:
- All legal processes must be 100% legal, no corners cut;
- The beneficiaries must enjoy maximum protection of their privacy, in full accordance with the law;
- The founder of the foundation must have full control of the assets of the foundation.
With all that being said, we will only assist clients who are members of the VD&A Gold Club. We may also provide service to clients who we personally know very well and can guarantee they value legal compliance at the highest.
For any further information you might require, please contact our offices or call your usual contact from our organization.